#ETF与衍生品 Seeing that Bitwise's Hyperliquid ETF has filed a revised document with a fee rate of 0.67%, my first reaction is: new products are emerging all the time, but we need to calmly think through one question—does it suit me?

The appeal of derivative products lies in innovation and potential, but that is also where the risks reside. My experience is that the more novel a tool is, the more cautious we should be. It’s not that we can’t participate, but we should ask ourselves a few questions: What proportion of my overall asset allocation does this product represent? Do I truly understand how it works? Can I withstand the fluctuations of this portion of my funds?

Instead of chasing every newly listed ETF, it’s better to first solidify the basics. Position management is always the top priority—no matter how good a product is, improper allocation can become a hidden risk. I’ve seen too many people over-leverage out of FOMO (Fear Of Missing Out), ultimately unable to handle the psychological pressure during a pullback.

If you’re interested in this type of product, consider starting with a small amount and using practical operations to understand it. Keep enough cash reserves and maintain diversification in your portfolio, so even if one segment fluctuates, the overall balance remains intact. In the long run, a steady mindset is more solid than betting on the returns of a single product.